In the past day, the Nasdaq composite increased by 1.7%, as Tesla (TSLA) rallied 4.4% at the market open, after surging 7% in premarket trade supported by the company’s strong deliveries. The Nasdaq rally was also supported by FANG leaders Alphabet (GOOGL) and Facebook (FB) which started to gather some bullish momentum.
In our previous analysis, we correctly forecasted the price to hit the resistance target. For this week, we anticipate a correction that can push the price towards the support area that we highlighted on the chart, before resuming the bullish trend. If that area is broken, then we expect the price to reach the blue trendline and bounce back towards new record-highs. Trade with care.
Best regards, Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move